direct tax

Direct Tax

A tax that cannot be shifted to another person or entity. For example, taxes on income or assets are direct taxes, as the person or organization on whom they are levied must pay them directly. Direct taxes differ from indirect taxes, such as sales tax, which is levied on a seller but is paid by buyers. There is disagreement as to whether a corporate tax is a direct tax or indirect tax.

direct tax

A tax paid by the individual or organization on which it is levied. For example, the personal income tax is levied on individuals, who end up bearing the entire burden of the tax. A direct tax cannot be shifted from the entity on which it is levied. Compare indirect tax.

Direct taxes are incurred on income received, unlike indirect taxes, such as value-added taxes, that are incurred when income is spent Direct taxes are progressive, insofar as the amount paid varies according to the income and wealth of the taxpayer. By contrast, INDIRECT TAX is regressive, insofar as the same amount is paid by each tax-paying consumer regardless of his or her income. See TAXATION, PROGRESSIVE TAXATION, REGRESSIVE TAXATION.

The workshop will cover the challenges that oil and gas companies will face as they establish operations in the Cyprus environment, including direct taxation, indirect taxation (VAT), human capital and other related operational matters.

The Central Board Of Direct Taxation (CBDT), which issued a statement on Wednesday in which it did not name the political parties or entities, said the notices to AAP and others have sought information about the identity of the contributors and other relevant details necessary to complete the probe.

Two political factions are at loggerheads over taxation: nationalists want Congress to have direct taxation authority, while their opponents insist that only individual states should have the power to do so, as is the case under the Articles.

According to the International Bureau of Fiscal Documentation (IBFD) and World Bank, the number of countries that introduced specific transfer pricing regulations for direct taxation purposes skyrocketed between 2007 and 2011.

On top of this sum, the lifetime cost of direct taxation, including income tax and national insurance contributions, amounts to PS385,000 for the average household, according to Prudential's calculations.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.